My bet is the Euro is not done, as I mentioned yesterday, there are a lot of long contracts at $1.30, they can't all be flipped in a day. The Euro looks to be consolidating in what will likely be a symmetrical triangle today, there may be a false downside break, but look for an eventual upside break, this s why we are leaving room to add to shorts at higher levels, at least the ones I have featured today.
Ultimately, I think the Euro and the charts agree, breaks $1.30 and snow balls much lower, but for now, it still looks like it has more work on the upside.
I'll be looking at the options chain next to see where we might be pinned tomorrow.
5 years ago
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